Industrial property

JLL Secures Acquisition Financing for Fully Leased Paterson Industrial Property

845 E. 25th St. in Paterson is fully leased to Kamco Supply, one of the largest suppliers of commercial and residential building materials in the New York metropolitan area. –JLL

JLL Capital Markets has arranged financing for the acquisition of a light industrial building in North Jersey which also has nearly an acre of outdoor storage space.

The funding, announced on July 28, was intended to Timberline Real Estate Companieswith JLL working on behalf of the borrower to place the non-recourse fixed rate loan for 845 E. 25th St. in Paterson with Blue Foundry Bank.

The Capital markets The team representing the borrower was led by Senior Managing Director Michael Klein, Director Alex Staikos and Vice President Michael Lachs. Financial terms were not disclosed.

The 3.35 acre property is comprised of a 66,000 square foot building including warehouse and exhibit/office space that was built in 1940. It is fully leased to Kamco Supply.

“JLL is pleased to have secured acquisition financing for another industrial property on behalf of Timberline Real Estate Ventures as it continues to grow its industrial portfolio in the New York metro area,” Klein said in a statement. communicated. “Blue Foundry Bank quickly understood the strong demand for the property, driven by its outdoor storage capabilities, proximity to Interstate 80 and location in an urban enterprise zone.”

Key to the asset’s appeal is a paved and secure one-acre outdoor storage area, which JLL says is rare for the North Jersey market.

“IOS properties are in high demand by tenants and investors and are essential to New Jersey’s industrial distribution network,” Klein added. “This rapidly developing subset of the market is still untapped by many lenders.”

Located in Passaic County, the property is approximately 20 miles from Manhattan. The region is part of the state’s “Gateway Region,” which offers one of the most condensed combinations of transportation infrastructure and population density nationwide, in addition to direct access to the port.